It's a sarcastic reference to the fact that in the US, as tuition has gone up far past increase in general cost of living in the past few decades, what actually

It's a sarcastic reference to the fact that in the US, as tuition has gone up far past increase in general cost of living in the past few decades, what actually seems to have been purchased with the increased tuition is greatly increasing the number of administrators ("Vice-Presidents") and improving the on-campus dorm comfort, athletic amenities, etc. ("climbing walls"), rather than paying professors more (in fact, they're being paid less and replaced with lower-paid and insecurely employed adjuncts) or actually educating students better or providing a better environment for intellectual inquiry.